3i and Alta Berkeley Lead Onyvax Funding

3i Cambridge and Alta Berkeley in December led an investor syndicate which provided more than GBP4.3 million (ecu 6.5 million) of funding for Onyvax, a UK start-up founded in early 1997 to develop vaccines for a range of cancers. SR One, SmithKline Beecham’s venture capital arm, and Alberville Investments, controlled by the Peter Sager Wallenberg Trust, invested alongside the joint leaders. The four participants have provided roughly equal sums in return for holdings of around 20% each.

Onyvax is built around the work of Professor Angus Dalgliesh, a leading expert in cancer vaccines, who holds the Foundation Chair in Clinical Oncology at St George’s Hospital Medical School and is visiting Professor of Oncology at the Institute of Cancer Research.

Onyvax believes that recent breakthrough in genetics, immunology and oncology have provided the necessary tools to direct the immune system to attack cancer cells.

Onyvax uses cell lines derived from human tumours that can be grown on an industrial scale. By modifying these cell lines, Onyvax can dramatically increase the immune system’s response to certain molecules specific to the tumour. This approach should result treatment vaccines which will keep tumour patients in remission for an extended period. Unlike radio- and chemotherapy, the vaccines will be virtually free of side-effects.

3i reports that the results of pre-clinical models of Onyvax’s vaccine strategy have been “compelling”. Clinical trials of a vaccine to treat advanced prostate cancer will start before the end of 1998. Over time, Onyvax will expand its portfolio through the addition of vaccines for a range of major solid tumours.